AK HB107

Increases employer retirement contributions for peace officers and firefighters hired after June 30, 2006 from 5% to 9.74% of compensation annually

Expands eligibility for the State of Alaska Supplemental Annuity Plan to include teachers' retirement system members and peace officers/firefighters employed by political subdivisions whose employers don't participate in Social Security

Requires employers to contribute 6.13% of participating employee wages (up to Social Security taxable wage base) into individual annuity accounts in lieu of Social Security contributions

Allows participating employees to elect voluntary additional wage reductions for supplemental health, death, disability, and dependent care benefits

Effective date: July 1, 2025